Trump administration will narrow scope of "tariff day": reports

What to watch: Treasury Secretary Scott Bessent said the administration will likely impose reciprocal tariffs on about 15% of nations with ongoing trade imbalances with the U.S.

• He did not specify the nations or the tariff rates they could face, as the Wall Street Journal notes.

Between the lines: If the administration does hold back on specific sectoral tariffs, that could spare industries like autos and pharmaceuticals — goods he says should be produced domestically.

• Yes, but: The oft-delayed Canadian and Mexican 25% tariffs are also slated to take effect on April 2, potentially impacting a broad range of industries anyway.

The intrigue: A White House official tells Axios no final decision has been made yet on whether sectoral tariffs will be included in any April 2 announcement.

The bottom line: The uncertainty of what's ahead on April 2 has stoked jitters across the globe.

• Even with news that the tariff plan might be more narrow, there is still a lot of mystery about what is coming early next month.

Go deeper: What to know about Trump reciprocal tariffs on April 2

Editor's Note: This story has been updated with White House comments.